Albert Foronda of New York, New York, a stockbroker currently registered with Spartan Capital Securities LLC, is identified in a customer initiated investment related FINRA arbitration claim where the customer sought $36,836.24 in damages founded on accusations of unauthorized and unsuitable trading by Foronda concerning a private placement when Foronda was registered with Spartan Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02950. The customer’s account had been churned, and Spartan Capital Management breached a fiduciary contract and failed to supervise between 2013 and 2021, according to the claim. The stockbroker also allegedly misrepresented information concerning the private placements.
FINRA Public Disclosure reveals that Foronda has been identified in three more customer initiated investment related disputes regarding allegations of his misconduct while employed by Legend Securities, Worden Capital Management, and Spartan Capital Management. Foronda is the subject of a customer initiated investment related written complaint which was resolved for $14,000.00 on October 11, 2017, based upon accusations of unauthorized trading by Foronda in July of 2017 while he was employed by Worden Capital Management LLC.
On April 30, 2018, another customer filed an investment related FINRA arbitration claim regarding Foronda’s activities in which the customer requested $90,000.00 in damages supported by allegations that between November of 2016 and August of 2017, Worden Capital Management and Legend Securities violated FINRA and NASD rules concerning the customer’s over-the-counter equities trades. FINRA Arbitration No. 18-01479 (April 30, 2018). The claim alleges negligence, breach of contract, and breach of fiduciary duty relating to Foronda’s common and preferred stock transactions.
Foronda is additionally referenced in a customer initiated investment related arbitration claim which was settled for $385,000.00 in damages founded on accusations of negligence and excessive trading of options and stocks for the customer’s Spartan Capital Securities account. FINRA Arbitration No. 19-01160 (September 1, 2020). According to the claim, Foronda’s negligence and unsuitable trading resulted in damages to the customer.
Foronda has also been fined $7,500.00 and suspended from associating with any FINRA member in any capacity based upon findings of his unauthorized transactions in customer accounts during the time that Foronda was associated with Spartan Capital Securities and Worden Capital Management. Letter of Acceptance, Waiver, and Consent No. 2017055395801 (January 17, 2020). According to the regulator, Foronda violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Foronda was registered with Worden Capital Management between November 8, 2016, and August 25, 2017. Since August 15, 2017, Foronda has been registered with Spartan Capital Securities.